A monopoly is an industry structure characterized by:
A)a single buyer and several sellers.
B)a product with many close substitutes.
C)a large number of small firms.
D)barriers to entry and exit.

Question

Quizplus · Accepted Answer

A monopoly is characterized by barriers to entry and exit, which prevent other firms from entering the market and competing with the monopolist. A single buyer and several sellers would be a monopsony, and a product with many close substitutes would be a monopolistic competition, and a large number of small firms would be perfect competition.

A Monopoly Is an Industry Structure Characterized By